Spot Gold Prices Dip on Economic News

NEW YORK (TheStreet) -- Spot gold prices were dipping in the red Monday afternoon as the greenback received a boost on better-than-expected economic data.

The U.S. dollar index rose 0.4% to $77.33 Monday afternoon as The Institute for Supply Management's manufacturing index registered greater-than-expected growth in U.S. manufacturing activity in October.

New York spot gold prices were falling by $8.80, or 0.7%, to $1,351 an ounce Monday afternoon.

New York spot palladium prices were adding $1, or 0.2%, to $647 an ounce.

A group of mining stocks and precious metals ETFs were trading in mixed territory Monday afternoon. Mining stocks offer another form of exposure to precious metals.

Silvercorp Metals ( SVM - Get Report) was gaining 4.1% to $9.73, while Hecla Mining ( HL - Get Report) was down 0.2% to $6.88. North American Palladium ( PAL) was adding 3% to $4.80 and SPDR Gold Trust ( GLD - Get Report) was down 0.5% to $131.98.